YRD - Why Shares of Yiren Digital Are Soaring This Week
Shares of the Chinese financial services platform Yiren Digital (NYSE: YRD) jumped more than 36% this week following trading Thursday after the company announced earnings results for the first quarter of 2021.
Yiren Digital, which provides China's wealthy population with a variety of lending and wealth-management services, reported net income equivalent to $27.7 million for the first quarter of 2021, a big 844% jump from net income the company reported in the first quarter of 2020.
Quarterly revenue also grew 7% year over year as total clients assets reached the equivalent of $1.6 billion, up nearly 25% from the previous quarter. Total loans reached the equivalent of roughly $800 million, up more than 17% from the previous quarter.
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Why Shares of Yiren Digital Are Soaring This Week